Toa Reinsurance Company, a Japan-based insurer, is in the process of upgrading its European operations in Zurich, Switzerland.
According to a statement by the company, Toa 21st Century Reinsurance Company Ltd. (TTFC), domiciled in Switzerland, has been a wholly owned licensed reinsurance subsidiary of Toa Re since 2002 which assumes reinsurance from its parent. In order to further develop its European portfolio, currently being written from Japan, Toa Re will relaunch TTFC under the trading name “Toa Re Europe” to write third-party business in Switzerland, as well as existing business from its parent company.
The European underwriting unit will be led by Philippe Regazzoni as CEO. Regazzoni was formerly the chief executive of Amlin Europe until 2015. He had also worked for Swiss Re for over a decade.
Toa Re Europe is currently in the process of obtaining credit ratings and complying with regulatory requirements in preparation for its launch. It is also gathering experienced underwriters and other insurance professionals locally to boost its talent pool.
Established in 1940, Toa Re is one of the top Japanese reinsurers, offering both life and non-life business. Aside from its Zurich subsidiary, it has a subsidiary in New Jersey, as well as branch offices in Singapore, Hong Kong, and Kuala Lumpur.
